JPMorgan Chase CEO Jamie Dimon isn’t ruling out stagflation in the United States, citing risks posed by large government budget deficits, including in America, and the disruption to global trade induced by US tariffs.

The head of America’s largest bank said he does not think the U.S. government “wants to leave China,” despite tariff tensions.

Jamie Dimon said he was preparing for a full range of scenarios, including stagflation. The JPMorgan boss has recently voiced other downbeat views.